Legal Question in Bankruptcy in California

Bankruptcy

We filed a Chapter 7 because time was short and we did not have $20,000 up front that attorneys said they needed for us to file a Chapter 11. How can we convert to a Chapter 11 and obtain a lawyer who would be willing to help us without so much up front?


Asked on 11/24/08, 6:08 pm

2 Answers from Attorneys

Phillip Lemmons, Esq. Phillip Lemmons APC, Attorneys at Law

Re: Bankruptcy

I am not aware of anyone willing to risk losing their fees to discharge.

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Answered on 11/25/08, 8:00 pm
David Gibbs The Gibbs Law Firm, APC

Re: Bankruptcy

Its highly unlikely that you will find someone to handle a chapter 11 for anything less than the retainer you were quoted. The actual fees in a chapter 11 will (depending upon the size of the estate, and what the goal of the chapter 11 is) almost certainly exceed $20,000. I assume you've been through this, but why an 11? Does the estate exceed the limits placed on a 13 - you can file a business 13. I doubt you will get someone to do this on a pro-bono or even modified pro-bono basis because 11s are extremely labor intensive, and your first day motions alone can expend the entire $20,000 retainer. Unless you have a rock-solid exit-strategy for the bankruptcy that will get an attorney paid, I don't personally know anyone who's willing to take that risk. Sorry - I wish I could be more helpful.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 11/24/08, 6:19 pm


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